Canadian Solar Inc.: Canadian Solar Signs a Manufacturing Agreement With Photowatt
Canadian Solar Signs a Manufacturing Agreement With Photowatt
JIANGSU, CHINA — (MARKET WIRE) — January 22, 2007 — Canadian Solar Inc. (”the Company,” or”CSI”) (NASDAQ: CSIQ) announced that it has signed a manufacturingcollaboration
agreement with Photowatt Technologies, Inc.(www.photowatt.com). Under the agreement, CSI will manufacture certainsolar photovoltaic modules for Photowatt on an OEM basis. The production isexpected to commence in mid-2007.
Shawn Qu, Chairman and CEO of CSI, commented: “Photowatt has been a keysupplier of solar cells and toll manufacturing service to CSI over the pastfive years. This new agreement expands the scope of our collaboration,allowing us to provide an OEM module manufacturing solution to Photowatt.We believe the deal is also a vote of confidence for CSI from a majorvertically integrated solar company and demonstrates the high quality ofCSI’s products and the cost effectiveness of our manufacturing process.CSI is on track in executing its OEM business strategy, through which wetarget to offer manufacturing services to clients worldwide. We expect theOEM manufacturing business to be an important part of our overall strategy,supplementing our CSI branded product lines.”
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. is a standard solar module andspecialty solar module and product company, serving customers located invarious markets worldwide. CSI is incorporated in Canada and conducts allof its manufacturing operations in China. Backed by years of experienceand knowledge in the solar power market and the silicon industry, CSI hasbecome a major global provider of solar power products for a wide range ofapplications. For more information visit www.csisolar.com.
Safe Harbor / Forward-Looking Statements:
Certain statements in this press release including statements regardingexpected future financial and industry growth are forward-lookingstatements that involve a number of risks and uncertainties that couldcause actual results to differ materially. These statements are made underthe “Safe Harbor” provisions of the U.S. Private Securities LitigationReform Act of 1995. In some cases, you can identify forward-lookingstatements by such terms as “believes,” “expects,” “anticipates,”"intends,” “estimates,” the negative of these terms, or other comparableterminology. Factors that could cause actual results to differ includegeneral business and economic conditions and the state of the solarindustry; governmental support for the deployment of solar power; futureshortage or availability of the supply of high-purity silicon; demand forend-use products by consumers and inventory levels of such products in thesupply chain; changes in demand from significant customers, includingcustomers of our silicon materials sales; changes in demand from majormarkets such as Germany; changes in customer order patterns; changes inproduct mix; capacity utilization; level of competition; pricing pressureand declines in average selling price; delays in new product introduction;continued success in technological innovations and delivery of productswith the features customers demand; shortage in supply of materials orcapacity requirements; availability of financing; exchange ratefluctuations; litigation and other risks as described in the Company’s SECfilings, including its registration statement on Form F-1 originally filedon October 23, 2006, as amended. Although the Company believes that theexpectations reflected in the forward-looking statements are reasonable, itcannot guarantee future results, level of activity, performance, orachievements. You should not place undue reliance on these forward-lookingstatements. All information provided in this press release and in theattachments is as of December 13, 2006, and CSI undertakes no duty toupdate such information, except as required under applicable law.
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